Final answer:
A partnership formed for managing specific things, use of fruits, a particular undertaking, or the exercise of a profession is known as a particular partnership. It typically involves shared responsibilities and profits among stakeholders, with options such as general partnerships and limited liability partnerships.
Step-by-step explanation:
A partnership having for its object determinate things, their use of fruits, or a specific undertaking, or the exercise of a profession or vocation are typically known as particular partnerships. These agreements allow for shared responsibilities and profits among stakeholders in a business. General partnerships involve two or more people who share the responsibility of running a business while also dividing profits. In contrast, a limited partnership includes both active partners and silent financial partners. Partners in these arrangements must contend with the potential for joint liability regarding each other’s actions as well as the finite life of the partnership which changes when partners are replaced.
Another option for mitigating personal liability is through a limited liability partnership, which protects personal assets of the partners if the company fails. It is worth noting that the use of property and the right to enter into contracts are inherent aspects of owning and running a partnership.
Larger entities such as law firms can be operated as partnerships, where private companies can take the form of a sole proprietorship or a partnership without publicly issued stock. Partnerships have the advantage of being relatively easy to establish and manage, with no special taxes and the ability to attract investors more efficiently than a sole proprietorship.